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| | Wed Jul 16, 2003
Summer Program Commences On Bear Head And Kingfish
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| | Vancouver, BC - Diamondex Resources Ltd. (DSP-TSX) ("Diamondex") is pleased to announce the commencement of the 2003 summer exploration program on the Bear Head and Kingfish properties, both of which are located in the southern Slave Craton of the Northwest Territories. (see www.diamondex.net for locations).
Bear Head Property, Northwest Territories
A total of 941 till samples have been collected over the property with significant concentrations of pyrope, ilmenite and chromite defining several kimberlite indicator mineral (KIM) trains. A summer program of detailed till sampling will be conducted to further delineate a number of these trains. In addition, follow-up of several high priority airborne geophysical targets from the recently completed 3,930 line-kilometre airborne Mag/EM (Fugro/DIGHEM) survey will be undertaken. Following completion of this program, drilling will be carried out to test several geophysical/geochemical targets.
A total of $1.6 million has been expended on the Bear Head property to date, and approximately $200,000 is budgeted for the summer exploration program.
The Bear Head property is located 220 kilometres northeast of Yellowknife, Northwest Territories. This property extends from the eastern boundary of Diamondex's Hilltop property and adjoins the southern boundary of the Camsell Lake claim block, which hosts the Snap Lake diamond deposit. This property totals 249,865 acres in size and is 100% owned by Diamondex.
Kingfish Property, Northwest Territories
A detailed airborne Mag/EM (Fugro/DIGHEM) survey conducted over the property during April 2003 outlined 23 priority anomalies for further follow up. The summer exploration program comprised of detailed till sampling, mapping and ground follow-up of several of these high priority geophysical targets, will be conducted over the Kingfish property. Approximately 250 till samples will be collected with the objective of delineating targets for a proposed drill program during the third quarter.
A budget of $225,000 has been allocated for the summer exploration program on the Kingfish property. The Kingfish property is located approximately 260 kilometres northeast of Yellowknife, Northwest Territories. This property is comprised of 64 mineral claims totalling 140,300 acres and is situated immediately east of the Camsell Lake Property, which hosts the Snap Lake diamond deposit. The Kingfish Property is 100% owned by Diamondex.
Diamondex holds a large and prospective portfolio of diamond exploration properties located in the southern Slave province and the lower Mackenzie River area of the Northwest Territories, the Coronation Gulf district of Nunavut, and northern Quebec. The company holds up to a 100% interest in 7,672,028 acres comprised of 16 diamond properties. David Clarke, P.Geol., M.Sc., Vice President of Exploration for Diamondex Resources Ltd. is a Qualified Person as defined by National Instrument 43-101 and is responsible for program design and quality control of exploration undertaken by Diamondex Resources Ltd.
DIAMONDEX RESOURCES LTD.
"Randy C. Turner"
Randy C. Turner, President
For further information, please contact Diamondex via telephone at
Tel: 604-687-6644 or via E-mail at mailto:diamonds@diamondex.net
Diamondex Resources Ltd., P.O. Box 11584, 1410 - 650 West Georgia Street, Vancouver, B.C. V6B 4N8
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